Sec. 8101.260. USE OF BOND PROCEEDS. (a) The authority may set aside and use proceeds from bond sales for:
(1) the payment of interest expected to accrue during construction and the first year after construction; and
(2) a reserve interest and sinking fund.
(b) The authority may provide in the resolution authorizing the bonds or in the trust indenture for setting aside and using the proceeds as described by Subsection (a).
(c) The authority may use proceeds from the sale of bonds to pay an expense incurred in accomplishing the purposes of the authority.
Acts 2003, 78th Leg., ch. 1277, Sec. 1, eff. April 1, 2005.
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